New York Times cut at Lehman, consensus forecasts too high

AudeLagorce

LONDON (MarketWatch) -- Lehman Brothers cut the New York Times Co.
NYT, +0.72%
to underweight, saying recent cost cuts are a strong indication that management is increasingly concerned with its top line. "We remain concerned about the deteriorating top line at all three of the company's newspaper divisions," the broker said. It told clients that the Boston Globe newspaper continues to struggle, with January advertising revenue down 10%. Meanwhile advertising revenue at the New York Times has been weak since 2001, Lehman noted. Overall, Lehman said it believes consensus forecasts for the company's earnings are too high.

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